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Chicago & Midwest  + South Side  + Finance  | 

NHPF Completes $53M Recap on Mark Twain Renovations

The NHP Foundation has finalized a $53-million recapitalization to renovate the 97-year-old Mark Twain Hotel. NHPF acquired the mixed-use property in 2016 as part of Chicago’s Single-Room Occupancy and Residential Hotel Preservation Ordinance of 2014.

The circa-1932 Near North property, located at the intersection of North Clark and West Division streets, will contain 148 income-restricted studio apartments and seven retail stores once the year-long renovation is complete.

The recap was made possible by the Bellwether Enterprise, Chicago Community Loan Fund, the City of Chicago, ComEd, Enterprise Community Investment, the Chicago Housing Authority and NHPF.

“Partnering with NHPF and the City of Chicago on this project allows Bellwether Enterprise to continue preserving one of Chicago’s greatest strengths: its diverse housing stock, especially in this neighborhood,” said Bellwether Enterprise SVP Victor E. Agusta Jr. The Sinclair, a recently- built luxury residential tower, is located across the street.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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